Royal Exchange Plc has reported premium income of N10.79 billion in the financial year ended December 31, 2015. The result marks a 14 percent rise in premium compared to the figure of N9.43 billion in the same period of 2014.
Mr. Kenneth Odogwu, Chairman, Royal Exchange Plc, told shareholders at the company’s 47th Annual general meeting [AGM} in Lagos that the Group is presently streamlining major components of its businesses, service delivery, processes and operations in order to deliver superior returns to shareholders.
“This we believe will reposition our great company as not only a major industry player but as a potential game changer. The future of our company and our plans for 2016 are well on course notwithstanding the current downturn in our domestic economy.”
Odogwu predicted the clamour for greater government’s participation as well as the enforcement of compulsory insurance regulations as provided by the Market Development and Restructuring Initiative [MDRI] are expected to be a top priority of the National Insurance Commission [NAICOM] in 2016.
“As always, Royal Exchange stays abreast with many of the initiatives mentioned above in our quest to grow market share and attain market leadership position.”
Mr. Auwalu Muktari, Group Managing Director/CEO of Royal Exchange Plc, said the Group remains focused on achieving its strategic plan of steering the company towards market leadership.
“We invested in digital solutions that would improve front-end sales, distribution and customer services, as well as enhance back-end operating efficiency and expenses management.”
Muktari said the performance of the company in 2015 was a good show of spirit and tenacity, just as its revenue diversification drive away from traditional markets recorded good progress in deepening its tentacles in some frontier markets, most especially retail and agribusiness.
“In future, we intend to be more active in micro-insurance to bridge the insurance needs of the yearning public, including the upcoming millenials. Looking ahead, our goal is to continuously redefine, reinvent and differentiate ourselves in the market place. The focus would be on achieving long-term sustainable growth for our shareholders through the broadening of our revenue base, improving service delivery support systems and at the same time, keeping a lid on our group costs.”